Trending Business stories for the day
Words by: FWD Media Image credits: Media Marketing, IPOWala.com, Business Standard
Microsoft to invest $50-100 million in Ola parent company
Microsoft is likely to invest up to $ 100 million for a stake in Ola’s parent company ANI Technology Pvt Ltd. According to a report in Livemint, the move is likely to push the online cab aggregator to switch to Microsoft’s Azure cloud platform from Amazon Web Services (AWS).
Cochin Shipyard IPO today
State-owned Cochin Shipyard to go ahead with its Initial Public Offer (IPO) scheduled for today (July 25) even as private shipbuilders claim that efforts made by them to revive their businesses have been in vain. “The government is trying to boost the domestic shipbuilding sector for quite some time now. It is due to this IPO that the sector has come into some limelight,” Hitesh Avachat, deputy manager and group head (Shipping) at CARE Ratings, said.
We will not allow driverless cars in India: Nitin Gadkari
Nitin Gadkari, Union Minister said that driverless cars will not be allowed in India as it will lead to joblessness. The government will focus on training drivers with adequate driving skills which will help provide employment to about 50 lakh people. According to the report by Firstpost, Gadkari said that the government is planning to introduce a cab aggregator platform.
Yamaha starts training centre in Chennai
Yamaha Motors new training facility was inaugurated in Chennai last Friday. Almost 40 students in the age group of 18-21 years have already enrolled for the four year course at the Yamaha Motor NTTF Training Centre. The training programme will cover motorcycle assembly, parts control, paint, welding, casting, machining (in both aluminum and steel), quality control, and utility techniques as noted by The Hindu’s Business Line.
Germany’s Covestrolooks to build 800 cold rooms in Telangana
German company Covestro, formerly part of Bayer Material Sciences, which manufactures materials that go into the setting up of cold storage facilities is expecting to help build almost 800 solar-powered, micro cold rooms in Telangana over the next two years. The company is in touch with other State governments too, and hopes for more business, said BagavatiVeeralakshmanan, Head – Inclusive Business, Sustainability, Covestro India.
Online gaming: Alibaba, Paytm announce joint venture
Alibaba Group and Paytm have announced its first formal joint venture to set up an online gaming company. According to a report in Business Standard, The mobile wallet company Paytm will hold 55 per cent stake. The rest would be Alibaba’s Hong Kong-based private company, AGTech Media. Alibaba Group called it the ‘first significant strategic international expansion.’
Tata Housing plans to add projects worth Rs 800 crore
Tata Housing, Managing Director and CEO Brotin Banerjee said that they are planning to add 8-10 projects to its portfolio in 2017-18 involving an investment of up to Rs 800 crore. The project will be combination of Greenfield and brownfield projects. According to a report in The Hindu, Tata housing is looking at three routes – joint venture, joint development and outright buyout of assets to expand its portfolio substantially.
IT department probes over 30,000 cases of alleged tax evasion
CBDT Chief Sushil Chandra said that the Income Tax department is probing over 30,000 cases of alleged tax evasion wherein the returns (ITRs) were revised by assesses post demonetisation. According to a report by Business Standard, The IT returns filed after November 8 last were scrutinised against their earlier tax compliance following which these cases were detected, he added.
Microsoft to bid adieu to its Paint program
Legendary Paint program of Microsoft is finally being marked as “deprecated” in a list of apps and features that may be removed from the software. This means that the app is “not in active development and might be removed in future releases.” According to a report in Telegraph, The software giant announced it will drop support for the popular drawing app in its upcoming Windows 10 update.